Increasing use of radiation therapy for treatment and diagnosis purposes is expected to fuel the growth of the medical radiation detection, monitoring and safety market. According to the National Health Service (NHS), there were 41.4 million imaging tests reported in England between December 2016 to November 2017. Of these, 3.6 million imaging tests were performed in November 2017. During this period, X-ray examinations were conducted at a large-scale, as compared to ultrasound, computed tomography (CT) scans, and magnetic resonance imaging (MRI) scans.
Geographically, North America is expected to lead the Radiation Detection, monitoring and safety industry in the coming years, primarily due to the improving nuclear power industry, and increasing number of nuclear weapon research activities, and development centers in the region. Moreover, the stiffer regulations for these products in North America also supports the regional market growth.
The radiation detection, monitoring and safety market is expected to witness the fastest growth in Asia-Pacific (APAC) during the forecast period. This is primarily characterized by the ongoing expansion in the nuclear power production capacity in the developing countries of the region. Emerging countries, such as China, India, and Indonesia, have introduced many new proposals to expand the manufacturing capacity for nuclear power generation, which is expected to boost the growth of the APAC market in the coming years.
Rising prevalence of cancer, increasing safety awareness among people working in radiation-prone environment, growing safety concerns after the Fukushima disaster, spur in the number of PET/CT scans, increasing adoption of nuclear medicine and radiation therapy for diagnosis and treatment of various diseases, and use of drones for radiation monitoring are some of the elements driving the growth of the radiation detection, monitoring and safety market.
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Ongoing partnerships and product launches by the players in the radiation detection, monitoring and safety market are expected to increase their market share in the coming years. For instance, in October 2018, DiaCarta Inc., a diagnostic company and developer of products for nucleic acid-based detection assays, received $2 million through National Cancer Institute (NCI) Small Business Innovation Research (SBIR) contract to continue development of its RadToxTM cfDNA radiation therapy toxicity monitoring test kit for cancer patients.
Other than DiaCarta Inc., the Radiation Detection Monitoring, and safety industry includes players such as Thermo Fischer Scientific Inc., AMETEK Inc., Fluke Corporation, ATOMTEX, Arktis Radiation Detectors Ltd., Mirion Technologies Inc., Comecer S.p.A., Fuji Electric Co. Ltd., General Electric Company, and Smiths Group.
The market study provides historical as well the forecast data for various geographies including the U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa.
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